FUTURES FILES
Crude oil boils Despite the widely held view that energy prices decline as COVID infections spread, the cost of crude and its products staged a massive rally, with crude gaining 6% on the week. Demand was not driving the heat-up, but shortages and long-term supply concerns stimulated the buying. The mysterious rise could be justified by continued reports of the omicron variant causing less severe disease than feared. Steady supply increases from Russia, OPEC producers, and the release of stockpiles from the U.S. should have held crude down, but the rally didn’t stall until Friday. ...